Pinnacle tower on hold again

Work on the Pinnacle tower in the City of London is on hold again because of fresh finance problems.

The building’s on-off development suffered its latest setback last week when builders downed tools because of worries about funding.

Work on the 64-storey tower started up again late last year after earlier being stalled.

Developer Arab Investments resumed work after securing a £500 million debt facility from a group of lenders led by HSBC.

But the deal was reliant on the developer pre-letting a chunk of the tower, which it has not yet done. Arab Investments said it did not know how long the latest delay would last.

Two years ago parts of the tower were redrawn by KPF to include a three-storey viewing platform to feature artefacts loaned by the Museum of London.

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